London has retained its title as the world’s top destination for property investment, a new study said on Wednesday.
Buyers shrugged off Brexit concerns to spend £16.2 billion on offices in the capital in 2018. That compares with £14.3 billion invested in Manhattan, £12.1 billion in Paris and £8.4 billion in Hong Kong.
Chinese investors were among the dominant buyers during the period, and in addition 2018 saw South Korea significantly increase its investment in central London, with a £2.56 billion spend. That was an eight-fold increase on the previous year.
Capital from the Far East as a whole accounted for 47% of all investment in central London offices.
William Beardmore-Gray at property firm Knight Frank, which compiled the report, said: “As long as London has fantastic infrastructure, great institutions and security, excellence in education and an abundance of talent, property occupiers and investors will continue to flock here.”
Nick Braybrook, Knight Frank’s head of central London capital markets, said: “Although 2019 presents ongoing challenges, international investors remain undeterred.”
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